Siderperu, the Peruvian subsidiary of Brazilian integrated steelmaker Gerdau, said it will invest $20 million this year to expand its existing rolling mill capacity.
In a document filing at local securities exchange commission, SMV, Siderperu said the $20 million investment will be carried out in separate phases and projects. The investment should add a rolling mill capacity of between 80,000 to 100,000 mt/year, Siderperu said.
Within the scope of the $20 million investment, Siderperu expects to have finished works at a new pipe plant located in Chimbote by year-end.
As for October or November this year, Siderperu expects to finish a second phase of the project, which consists in installing a second steel tube line. Additionally, and to support to two tube lines, Siderperu will also invest in power plants.